{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Federal Reserve chairman warns congress to avoid \u0026#39;fiscal cliff\u0026#39;' data-url='/boclips/videos/5c54bda7d8eafeecae135a5a' data-video-url='/boclips/videos/5c54bda7d8eafeecae135a5a' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFederal Reserve chairman warns congress to avoid \u0026#39;fiscal cliff\u0026#39;\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of Ben Bernanke, US Federal Reserve Chairman, at podium, Economic Club of New York  2. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\"The ability of the Fed to offset headwinds is not infinite. We have certain...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of Ben Bernanke, US Federal Reserve Chairman, at podium, Economic Club of New York  \u003cbr/\u003e2. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\u003cbr/\u003e\"The ability of the Fed to offset headwinds is not infinite. We have certain tools, we've obviously used our easiest tools and we can certainly have a meaningful contribution to supporting recovery\" \u003cbr/\u003e3. Cutaway of audience\u003cbr/\u003e4. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\u003cbr/\u003e\"In the worst-case scenario where the economy goes off the broad fiscal cliff, the largest fiscal cliff, which according to CBO (Congressional Budget Office) and to our own analysis would throw the economy into recession, I don't think the Fed has the tools to offset that.\"\u003cbr/\u003e5. Mid of Bernanke at podium\u003cbr/\u003e6. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman:\u003cbr/\u003e\"It is important for Congress to address these fiscal issues soon and in a bipartisan way, in a way that achieves the necessary long-term sustainability concerns, which I know you've talked about frequently, but also takes into account exactly this issue of how much restraint we'll be experiencing in the next six months to a year from the fiscal changes\"\u003cbr/\u003e7. Wide of audience next to screen, reading: (English) \"The Economic Club of New York. Founded 1907\" \u003cbr/\u003eUS Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year.\u003cbr/\u003eHe stressed that the Federal Reserve's tools to offset the so-called \"Fiscal Cliff\" are not infinite.\u003cbr/\u003eWithout a deal, measures like tax hikes and spending cuts will take effect in January. \u003cbr/\u003e\"We've obviously used our easiest tools and we can certainly have a meaningful contribution to supporting recovery,\" Bernanke told the Economic Club of New York.  \u003cbr/\u003eBernanke also said Congress must raise the federal debt limit to prevent the government from defaulting on the Treasury's debt.\u003cbr/\u003eFailure to do so would impose heavy costs on the economy, he said.\u003cbr/\u003eBernanke stated Congress also needs to reduce the federal debt over the long run to ensure economic growth and stability. \u003cbr/\u003eUncertainty about all these issues is holding back spending and investment and troubling investors, the Fed chairman said.\u003cbr/\u003eWhen asked during a question and answer session after the speech whether the Fed could soften the impact of the fiscal cliff, Bernanke was firm in his warning.\u003cbr/\u003e\"In the worst-case scenario where the economy goes off the broad fiscal cliff, the largest fiscal cliff, which according to CBO (Congressional Budget Office) and to our own analysis would throw the economy into recession, I don't think the Fed has the tools to offset that,\" Bernanke replied.  \u003cbr/\u003eAfter Bernanke warned about the dangers of the \"fiscal cliff,\" the market responded accordingly.\u003cbr/\u003eThe Dow Jones industrial average dropped as much as 94 points shortly after Bernanke spoke.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' 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